Planning & Budgeting for a New Baby
Posted by timothyng on October 15, 2010
Finding out that you’re about to have a new baby in the household is an exciting time in anyone’s life. However, once that initial excitement wears off, many couples suddenly begin thinking about how they’re going to afford their little bundle of joy.
Many parents immediately think about decorating a nursery with all the very best in baby accessories and buying the cutest clothes possible. Unfortunately, there are other aspects of your budget that may take priority over cute designer baby clothes that really need your attention.
Rather than panic about the impending cash shortfall you imagine when baby arrives, take a little time to put a financial plan into motion. This will help you figure out the best way to allocate what money you have so you’re not caught short.
Savings Account
Before you rush out to buy anything for your nursery, spend some time setting up an at-call savings account that pays you a decent rate of interest on your savings. If possible, try not to lock your money away in a fixed term deposit account, as you may need to access it before the term ends.
Cut back on unnecessary spending and try to put more cash into this account throughout the pregnancy to build it up while you can.
This will help you build up a bit of a buffer that could be invaluable if you are about to lose one income for a while.
Create a Budget
Before you can even consider trying to cut back on your spending, it’s important to know what you’re spending it on. When you have an itemized account of your spending, it’s much easier to focus on various areas you could potentially cut back.
If you’re currently living on two incomes, do you already have a plan for how you’ll get by on just one income when mum stops work to care for the baby?
Buy Pre-Owned
Of course it would be lovely to buy the very best designer furniture, Baby Crib Bedding Sets and toys for your new baby, but let’s be honest. Your baby doesn’t have a clue what those brands, such as JoJo Designs, mean and won’t do for several years to come.
Save your money and consider buying second-hand baby items wherever possible. If you have friends with children, they may consider loaning you some items to help you get started. This can save an enormous amount of money.
Use Lay-Away
If you’re ready to buy the initial basic baby items to stock up your new nursery, such as nappies, bath items, Baby Bedding and other assorted things, consider using a department store’s lay-by system and pay these items off over a number of weeks.
This is an interest free option that won’t accumulate into a painful credit card debt that you’ll end up worrying about later and having to pay off with a balance transfer credit card.
Reduce Debt
Many couples struggle with the transition of living comfortably on two wages, to going down to just one income while mum stays home with the new baby. Rather than put added pressure on yourselves during this time, work towards finding way to reduce your debt as far as possible before baby arrives. This will also help to reduce your costs when the time comes.
Hopefully these simple tips will help you find ways to prepare for your new baby without going broke. Think about some ways you can put yourself in a stronger position financially so you won’t have to worry so much about this after baby arrives.
Timothy Ng is a personal finance writer, and has a real passion for encouraging people to compare credit cards to ensure they get the best deal. Check out his comprehensive guide to a balance transfer for life where he provides an in-depth overview and analysis, to help you pay off your balance.
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